Power restoration efforts ongoing in North Carolina mountains and South Carolina upstate; company provides updated information

Rhea-AI Summary

Duke Energy (NYSE: DUK) continues its power restoration efforts in western North Carolina and Upstate South Carolina following Hurricane Helene's catastrophic damage. Over 21,000 workers are engaged in restoring power to the remaining 420,000 customers without electricity. The company expects to restore power to 90% of affected customers in both states by Friday.

In South Carolina, 219,000 customers remain without power, with plans to restore an additional 134,000 by Friday evening and the remaining 85,000 by Sunday. In North Carolina, 201,000 customers are still affected, with 27,000 to be restored by Friday and another 69,000 by Sunday. However, 105,000 customers in catastrophically damaged areas face longer waits.

Duke Energy is collaborating with state and local agencies to overcome challenges such as destroyed infrastructure and access. The company has already repaired more than 2 million power outages in the Carolinas.

Positive

• Over 21,000 workers deployed for power restoration efforts
• 90% of affected customers in both states expected to have power restored by Friday
• 826,000 customer outages already restored in South Carolina
• 1.1 million customer outages restored in North Carolina
• Collaboration with state agencies to expedite restoration efforts

Negative

• 420,000 customers still without power across both states
• 105,000 customers in catastrophically damaged areas face longer restoration times
• Significant damage to electric infrastructure including transmission towers, substations, and power lines
• Flood damage to roads and bridges hampering restoration efforts in some areas

Insights

Utility Infrastructure Specialist

The impact of Hurricane Helene on Duke Energy's infrastructure in the Carolinas is significant and widespread. With 420,000 customers still without power, the scale of the damage is substantial, affecting transmission towers, substations, utility poles and power lines. The company's commitment to restore 90% of outages by Friday indicates a rapid response, but the remaining 105,000 customers in catastrophically damaged areas pose a long-term challenge.

The collaboration with state transportation departments is important for accessing affected areas and expediting repairs. However, the destruction of roads and bridges in some locations will likely extend restoration timelines and increase costs. This event will likely impact Duke Energy's financial performance in the short term due to repair expenses and potential regulatory scrutiny of their disaster preparedness and response.

Long-term implications include potential acceleration of grid modernization efforts and increased investment in resilience measures, which could positively affect future performance but may also lead to rate increase requests to cover these investments.

Financial Analyst

This major outage event will have a material impact on Duke Energy's financials. Restoration costs for over 2 million outages, including significant infrastructure rebuilding, will likely be substantial. While some costs may be recoverable through regulatory mechanisms, the immediate expense will affect quarterly earnings.

Investors should watch for:

• Potential use of deferral accounting for storm costs
• Impact on reliability metrics, which could affect regulatory outcomes
• Capital expenditure increases for grid hardening
• Possible insurance claims and their impact on future premiums

The company's ability to efficiently manage this crisis and restore power quickly could influence customer satisfaction and regulatory relationships, potentially affecting long-term shareholder value. The scale of this event may also prompt discussions about climate resilience investments, potentially creating future growth opportunities but also requiring significant capital allocation decisions.

• Company working to share updated restoration information with remaining 420,000 customers without power, including those in the hardest-hit communities
• 90% of customer outages in South Carolina and North Carolina will be restored Friday
• Crews have repaired more than 2 million power outages in the Carolinas

Editor's note: Visit the Duke Energy News Center for storm director videos, downloadable B-roll and high-resolution images.

CHARLOTTE, N.C., Oct. 3, 2024 /PRNewswire/ -- More than 21,000 workers continue to make progress restoring power to Duke Energy customers in western North Carolina and Upstate South Carolina following Helene's catastrophic damage, though major challenges remain.

The hurricane damaged a significant portion of the electric system in the North Carolina mountains and South Carolina upstate including transmission towers, substations, utility poles, power lines and other major equipment. In some areas where power outages remain, floods have destroyed roads and bridges.

"We continue to work with a variety of stakeholders to get critical assets – like our vehicles, workers, poles, transformers, wire and more – to the areas where we are restoring power for our customers," said Jason Hollifield, Duke Energy's storm director for the Carolinas. "We know partnerships and collaboration with local, state and federal agencies are critical – and will continue to be – as we collaborate with these communities to rebuild."  

Power restoration update

Below is the latest storm restoration information by state as of 4 p.m. ET:

South Carolina

• In South Carolina, 219,000 customers in the Upstate remain out of power, as Duke Energy has restored 826,000 customer outages. Customer restoration efforts have benefitted from a crucial collaboration with the South Carolina Department of Transportation, as Duke Energy crews made significant progress as roads were cleared of significant storm debris and other obstacles.
• We are on track to restore an additional 134,000 customers by Friday evening, Oct. 4, with the remaining 85,000 in the hardest-hit areas by Sunday, Oct. 6.
• We'll continue to communicate with customers via email, text and outbound call as their site-specific details become available. Customers can also visit dukeenergyupdates.com for the latest updates on their outage.

North Carolina

• In North Carolina, 201,000 customers in the mountain region remain without power, as Duke Energy has restored 1.1 million customer outages.
• We are on track to restore an additional 27,000 customers by Friday evening, Oct. 4, with another 69,000 in the hardest-hit areas by Sunday, Oct. 6.
• In the areas where catastrophic damage exists – homes can't receive power, and total grid infrastructure damage and lack of access exists – 105,000 customers are without power. We're working closely with the state on plans to address these as quickly as possible.
• We'll continue to communicate with customers via email, text and outbound call as their site-specific details become available. Customers can also visit dukeenergyupdates.com for the latest updates on their outage.

"The North Carolina Department of Transportation is in constant communication with Duke Energy and offering all available assistance to restore power as quickly as possible," said Joey Hopkins, secretary of the North Carolina Department of Transportation. "Communities in western North Carolina have been hit hard and every day without electricity is difficult. Repairing damage to the grid and restoring power is an urgent priority and we will continue assisting Duke Energy with their efforts."

Added Hollifield, "Our thoughts are with those communities who are still without power and other essential services. We're committed to continuing safe restoration until everyone's power is restored."

We encourage those looking to support restoration efforts to join us in donating to American Red Cross or one of the many community organizations responding to disaster recovery in the Carolinas.

Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio, and Kentucky.

Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability, and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

24-Hour: 800.559.3853

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SOURCE Duke Energy

FAQ

How many Duke Energy (DUK) customers are still without power after Hurricane Helene?

As of October 3, 2024, approximately 420,000 Duke Energy customers are still without power in western North Carolina and Upstate South Carolina following Hurricane Helene.

When does Duke Energy (DUK) expect to restore power to most customers affected by Hurricane Helene?

Duke Energy expects to restore power to 90% of affected customers in both North Carolina and South Carolina by Friday, October 4, 2024.

How many power outages has Duke Energy (DUK) repaired so far in the Carolinas after Hurricane Helene?

Duke Energy has repaired more than 2 million power outages in the Carolinas following Hurricane Helene's impact.

How many workers has Duke Energy (DUK) deployed for power restoration efforts after Hurricane Helene?

Duke Energy has deployed over 21,000 workers to restore power in western North Carolina and Upstate South Carolina following Hurricane Helene.